(Bloomberg) – General Re, a unit of Warren Buffett's Berkshire Hathaway Inc. which won a license to open an Indian office in May, is seeking a larger slice of the world's fastest-growing reinsurance market.
|Explore P&C cover
The unit plans to expand in health and life insurance, as well as explore opportunities in property and casualty cover, said Venkatesh Chakravarty, chief executive officer of General Reinsurance AG India Branch. The plan is to help clients develop new products, distribution channels and enter newer market segments, he said in an interview.
Gen Re's entry follows a rush among foreign reinsurers such as Munich Re, Swiss Re AG, London-based Lloyd's and SCOR SE after Asia's third-biggest economy opened the sector in 2015. The market is forecast to grow at an average annual growth rate of 9% from 2017 to 2022, according to Reports Monitor.
|Important market
"Given the under-penetration of insurance, the growth momentum is expected to continue for both the insurance and reinsurance industry," Chakravarty said. "India is an important market for us, which is the reason for setting up a branch. We are here for the long haul."
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